Study on the digital transformation path of traditional media companies in the context of the Internet

Abstract

In the background of the Internet, traditional media companies are facing very serious challenges. This paper firstly gave a brief introduction to the development of traditional media, pointed out the necessity of digital transformation of traditional media companies, and analyzed Phoenix Media using political, economic, social and technological (PEST) analysis and strength, weaknesses, opportunity, and threat (SWOT) analysis. Moreover, the current development of the company was analyzed, and its digital transformation path was elaborated. Finally, the existing problems of the company were pointed out, and some suggestions were given. This study provides a reference for traditional media companies to carry out digital transformation.

Keywords

Internet traditional media digitalization transformation path

1. Introduction

Digitalization is growing rapidly around the world [1], and the spread and use of digital technology has fundamentally changed organizations and economies [2]. In the context of the Internet, business competition has intensified [3], and more and more companies have adjusted their development modes and directions and preferred to “Internet $+$ ” and new technologies such as artificial intelligence and 5G [4], which brings new development opportunities to the digital transformation of companies and industries [5]. Digital transformation includes changes to organizational forms, system construction, and infrastructure [6]. Maiurova et al. [7] conducted a study on digital transformation in the Russian waste management sector and found through case studies that digital technologies could effectively reduce the amount of solid waste and operating costs. Badasjane et al. [8] studied the digital transformation coordination of international manufacturing network, analyzed 15 challenges and 11 coping mechanisms in digital transformation in a specific company, and provided some new insights. Volkova [9] studied digital transformation in the financial sector and explored the role of innovative technologies such as digital payments to improve the operational efficiency of financial institutions and achieve sustainable development. Gulnaz et al. [10] analyzed the digital transformation in the Hasakastan economy and pointed out that although the country has made great efforts in digitalization, weaknesses in skills, venture capital, and innovation led to low knowledge, low technology, and low creative output. Traditional media companies, as opposed to digital media, are companies that use paper media as a carrier to distribute information to society. They have the functions of publication publishing and retailing and are engaged in editing, reproducing, and printing the created content. The media industry shoulders the important task of promoting cultural construction and improving the cultural level of the masses, but under the influence of the digital wave, traditional media companies are facing an increasingly serious survival crisis [11] and urgently need to find suitable ways to adapt to the changes in the industrial environment. There is currently limited research on the digital transformation path of traditional media companies, especially regarding recommendations that can be applied to the transformation of Chinese traditional media. This lack of support hampers the effective transformation of Chinese traditional media companies. Therefore, to further understand the characteristics of the digital transformation path of Chinese traditional media companies, this paper briefly analyzed the digital transformation of Phoenix Media and put forward some feasible suggestions for the company’s current problems. The study of Phoenix Media’s digital transformation can provide a reference for the digital transformation of traditional media companies and find a new way out for them. This work also provides theoretical support for the further development of digital media, which is beneficial to the breakthrough and development of the media industry.

2. Traditional media and digital transformation

2.1 Overview of the development of the media industry

Since the reform and opening up, the media industry has experienced continuous change, integration, and development, while always facing great challenges. According to the Media Blue Book: China Media Industry Development Report (2022), the development of the media industry from 2013 to 2021 is shown in Fig. 1.

Figure 1.

Total output value and growth rate of the media industry from 2013 to 2021 (source: Media Blue Book: Report on the Development of China’s Media Industry (2022)).

According to Fig. 1, the total output value of the media industry has maintained a steady growth since 2013, increasing from 1,063.74 billion yuan in 2013 to 2,971.03 billion yuan in 2021; however, it was found from the change of growth rate that the growth rate fluctuated greatly: it showed a decreasing trend from 2016 to 2018, decreased to single digits in 2020, and returned to double digits by 2021.

In terms of market segmentation, the market revenue of five industries in the media industry exceeded 100 billion yuan, including Internet advertising and Internet marketing services, and the revenue was growing steadily. It was found that all these industries were related to the Internet, while the revenues of traditional radio and television advertising, books, and newspapers were low. From 2011 to 2021, changes in the total print volume of national newspapers are shown in Fig. 2. Since 2011, newspaper print volume has continued to fall, which indicates that traditional media had less and less room for growth and was encountering serious challenges in the context of the Internet.

Figure 2.

Change in total newspaper print volume in China from 2011 to 2021 (source: China Newspaper Association).

2.2 The necessity for digital transformation of traditional media companies

In 2021, the revenue of the segmented industries in the global media industry is shown in Fig. 3.

Figure 3.

The revenue of the segmented industries worldwide in 2021 (Media Blue Book: Report on the Development of China’s Media Industry (2022)).

It was found that digitalization led the trend and Internet advertising had the highest revenue, while the book industry also had a high revenue, but a large part came from the network channel. From 2012 to 2021, the fixed-price scale of the national book retail network channel is shown in Fig. 4.

Figure 4.

The fixed-price scale of the book retail network channel from 2012 to 2021 (Media Blue Book: Report on the Development of China’s Media Industry (2022)).

It was seen from Fig. 4 that the fixed-price scale of the network channel was in rapid growth and the fixed-price scale in 2021 has increased about six times compared with that in 2012. Meanwhile, according to the Annual Report on China’s Digital Publishing Industry from 2020 to 2021, the revenue of China’s digital publishing industry reached 1.4 trillion yuan in 2021, and the revenue growth rate of the digital publishing industry has always remained above 15% since 2018, which shows that the digital transformation of traditional media is very necessary.

Compared with the manufacturing industry, traditional media companies focus their capital on content creation and talent training, i.e., it has a public welfare attribute. They have the function of correctly guiding public opinion and promoting spiritual and cultural construction while making profits, showing an asset-light and knowledge-intensive characteristic. In the context of the Internet, the way of digital culture dissemination increases, mobile reading, digital publishing and other forms attract more users, and the media industry has gained better development relying on the Internet.

In addition, the ‘Media Blue Book: Report on the Development of China’s Media Industry (2022)’ also notes that the development of self-owned high-tech is being affected by external factors such as internet anti-monopoly and high-tech competition. Traditional media is increasingly focusing on building mobile platforms. With advertising revenue in the traditional news industry continuing to decline, new business models like digital content consumption and membership payment are constantly emerging, all of which are driving the digital transformation of traditional media. From the perspective of specific fields, the competitiveness of print media is increasingly inferior to digital media. The rapid development of short videos and streaming media has squeezed the survival space of traditional news media, forcing many news organizations to shift their focus towards digitization and undergo digital transformation.

Furthermore, in the field of technology, there is a growing emphasis on artificial intelligence and virtual reality. Internet giants worldwide are actively developing the metaverse, leading to new avenues for sales, creation, and transactions. This also brings about fresh opportunities for the transformation of traditional media.

Under the disruptive impact of the Internet, European and American media have been continuously exploring and making efforts in digital transformation. Traditional news industries are further developing toward digitization while seeking new directions through streaming media and podcasts within the broadcasting and television industry. The internet industry along with social media is increasingly shifting towards vertical screen orientation, visualization, as well as targeting a younger audience. Rapidly evolving streaming platforms such as Netflix provide fresh momentum for future developments within the media industry.

Under the influence of social media and digital subscriptions, the decline of traditional print media has become an inevitable outcome. Driven by technology and business, the global media industry has had to undergo transformation. Traditional mainstream media in Europe and America have gradually established new directions through digital transformation, providing valuable experiences for the transformation of traditional Chinese media. For example, they have reconstructed value through mergers and acquisitions, integration, etc., while attracting new users through diversified operations.

However, influenced by technology and market forces, the transformation of Western media also faces issues such as rampant monopolies, an imbalance between value rationality and instrumental rationality, and serious privacy breaches. The media environment urgently needs governance and regulation, which can serve as a warning for the transformation of traditional Chinese media.

3. Digital transformation analysis of traditional media companies

3.1 Phoenix media

Phoenix Media, formerly known as Jiangsu Publishing Group, is involved in book publishing, distribution, online publishing, art operations, etc., and was ranked 10th among the top 50 global publishers in 2022. In the first half of 2022, Phoenix Media’s revenue reached 7.062 billion yuan, up 14.15% year-on-year, the net profit reached 1.505 billion yuan, up 6.46% year-on-year, and its total sales volume and issue volume both remained the national leader.

In the process of development, Phoenix Media has focused on digitalization and innovated in terms of system and structure in order to improve its strength and competitiveness; therefore, this paper takes Phoenix Media as an example to analyze the digital transformation of traditional media companies.

3.2 Political, economic, social and technological analysis of digital transformation

Political, economic, social and technological (PEST) analysis is a method to analyze the macro environment [12], which has been applied in many aspects. Wang et al. [13] conducted a PEST analysis on the potential opportunities and challenges facing China’s solar photovoltaic industry and proposed suggestions for its development. Wang and Wu [14] conducted a PEST analysis on the health industry in the context of Healthy China strategy, aiming to contribute to the sustainable development of the health industry and the construction of a healthy China. The study conducted by Mahadiansar et al. [15] utilized the PEST model to assess the tourism prospects of Benan Island, aiming to optimize its tourism potential and devise appropriate development strategies. PEST is formed by the initials of four words:

political, such as political system, policies, relevant methods and regulations; economic, such as economic development level, economic policies, and GDP; social, such as population size, values, and habits of society;

Technological, such as technological updates and innovative speed.

The PEST analysis of Phoenix Media’s digital transformation is as follows.

(1) Political environment

The current political policies support the digital transformation of traditional media companies well. First, the state strongly supports the construction of a strong network country. In the context of the Internet, the integration between the Internet and traditional industries has become closer and closer, and at the same time, the state also strongly supports the integration of the Internet, big data, etc. with the real economy to promote the construction of the digital economy. In addition, for the digital publishing industry, China’ 13th Five-Year Plan clearly proposes to comprehensively promote the digital transformation and upgrading of news publishing to improve the level of informationization and intelligence. Therefore, the current political environment is very favorable for Phoenix Media’s digital transformation.

(2) Economic environment

At present, the national economy is in steady growth. According to the changes in the gross regional product and the residents’ consumption level in Jiangsu Province in recent years (Table 1), the economic development in Jiangsu Province is fast, and the residents’ consumer price index is also rising steadily, which indicates a good economic environment for digital transformation. In addition, the scale of the digital publishing industry has been expanding in recent years, and there is huge room for development. Under the impetus of technological and industrial changes, improving the digitalization and intelligence of traditional industries has become a key activity at present.

Table 1
Changes in Jiangsu Province’s gross regional product and resident consumption level from 2017 to 2021 (source: Statistical Yearbook of Jiangsu Province)

	Gross regional product (a hundred million yuan)	Consumer price index (previous year $=$ 100)
2017	85869.8	101.7
2018	93207.6	102.3
2019	98656.8	103.1
2020	102807.7	102.5
2021	116364.2	101.6

(3) Social environment

Under the influence of economic development, the society is more and more receptive to new things. The emergence of new media has changed the way people read and entertain themselves, etc. In order to keep up with the rhythm of the new era, traditional media also actively rely on the Internet and make changes; therefore, the digital transformation of traditional media companies is also a necessity for social development and the transformation of people’s lifestyles.

(4) Technical environment

Technologies such as artificial intelligence, Internet of Things, and cloud computing are in high speed development and have a profound impact on society, changing the production, distribution, and marketing ways of the traditional media [16]. In terms of the integration of the media industry and digital technology, virtual reality (VR), digital copyright protection, and big data have been tried and applied in the media industry, for example, intelligent management of book inventory [17] and children’s book design combined with VR technology [18]. The digital transformation of the media industry in the context of the Internet has broadened the promotion and sales channels of products through platforms, such as WeChat and Weibo, and also improved the user experience. In the current technological environment, Phoenix Media can make changes in production and dissemination to achieve digital transformation.

3.3 Strength, weaknesses, opportunity, and threat analysis of digital transformation

Strength, weaknesses, opportunity, and threat (SWOT) analysis is a method that can help companies find strengths and weaknesses, opportunities, and threats, and is a common tool in business management [19]. Adem et al. [20] conducted a SWOT analysis to identify the inherent risks in the life cycle production stage of wind turbines, aiming to determine the risks faced by their company. Tang et al. [21] employed SWOT analysis to analyze the strengths, weaknesses, opportunities, and threats encountered during the internationalization of traditional Chinese medicine. Almutairi et al. [22] applied SWOT analysis to examine Iran’s renewable energy development plan and determine an optimal strategic plan for its implementation.

The SWOT analysis refers to a specific analysis conducted from the following four aspects:

strength, referring to good internal measures, such as technological and asset advantages; weakness, referring to poor internal measures, such as a lack of competitive skills, technical expertise, and resource assets; opportunities, referring to external measures that may enhance competitiveness, such as market opportunities and development prospects;

Treatment, referring to factors that may pose a threat to profitability and market position, such as unfavorable policy changes, economic shocks, etc.

The SWOT analysis of Phoenix Media’s digital transformation is as follows.

(1) Advantages

First of all, Phoenix Media, as an old publishing company, has a strong influence in the industry and has also established a good corporate image. In terms of teaching material distribution, the educational products under it occupy a great market share, have a wide variety, and cover a wide distribution area. Phoenix Media has a good reputation among consumers. In the context of the Internet, Phoenix Media has formed a complete industrial chain with rich digital teaching resources by relying on its network platform, software technology and other businesses. At the same time, Phoenix Media has developed new segments such as games and movies on the basis of traditional publishing, so it is in good operating condition.

(2) Disadvantages

Phoenix Media, located in Jiangsu Province, occupies a dominant position in the local consumer market; however, with the development of companies, the market is also gradually saturated, and at the same time, in the context of the Internet, the network communication breaks the spatial restrictions, which threatens the local geographical advantage Phoenix Media. In this case, if Phoenix Media wants to continue to expand, it must get rid of the restrictions of region and look for new opportunities in other regions and even outside of China. At the same time, in terms of content resources, Phoenix Media also has some disadvantages, including insufficient content resources, poor flexibility, and narrow audience.

(3) Opportunity

It is found from the PEST analysis in the previous section that the current political, economic, social, and technological environment is favorable for Phoenix Media’s digital transformation. As consumers pay further attention to cultural consumption, media companies are also tasked with creating better quality content [23]. At the same time, the country attaches great importance to education informatization [24], and online education and smart education are constantly developing [25]. As one of the representatives of the teaching material industry, Phoenix Media can make use of Internet technology to vigorously develop “Internet $+$ education” and promote innovation in education.

(4) Threats

In the context of the Internet, more and more companies are looking for digital transformation paths, therefore, the competition among traditional media companies has become more and more intense [26]. In the first half of 2022, a comparison of the revenue situation as well as the net profit situation of listed companies in the publishing industry is shown in Table 2. Astro-Century takes teaching books as its main source of revenue and combines with online live classes to promote its products. Wanxin Media is also vigorously promoting its digital business and has created a lot of revenue in aspects of logistics service, games, etc., thus, it can be seen that the development of Phoenix Media is under great threat from peers.

Table 2
Comparison of listed companies in the publishing industry in the first half of 2022 (source: https://www. 163.com/dy/article/HG3DDBPC0512DFEN.html)

	Operating income/ 100 million yuan	Year-on-year growth/%	Net profit/ 100 million yuan	Year-on-year growth/%
Phoenix media	70.62	14.15	15.05	6	.46
South central media	62.55	13.40	8.33	9	.10
Wanxin media	55.06	14.05	6.02	7	.81
Zhejiang publishing media	53.96	8.73	6.79	16	.12
iReader technology	11.85	8.31	0.40	$-$ 70	.32
Astro-century	1.2	26.84	0.08	2205	.32%

3.4 Path analysis of digital transformation

In the context of the Internet, the digital transformation path adopted by Phoenix Media is as follows.

(1) Digitalization of marketing methods

Marketing is an important part of the media industry to generate revenue. First of all, in terms of offline marketing, Phoenix Media has created the form of cultural MALL, which combines reading space with leisure space to improve consumers’ interactive experience and meet their diverse needs through creative book exhibitions and sharing sessions, thus increasing the purchase of books. In terms of online marketing, Phoenix Media relies on Taobao and Douyin platforms to promote its products through various means such as live streaming and short videos and launches an online education cloud platform to attract consumers with using VR and augmented reality (AR) technologies. In addition, Phoenix Media has registered a corporate Weibo account. In addition to the promotion of the company’s activities, it also cooperates with well-known authors to interact with fans, which improves the popularity and image of the company and gains potential customers.

(2) Digitalization of product development

Currently, some of the digital products developed by Phoenix Media are as follows.

⟀ Digital textbooks: They are electronic textbook products that accompany the textbooks published by Phoenix Media, and they are available from personal computer and mobile terminals, realizing the interactive and three-dimensional learning in the background of the Internet.

⟁ Internet bridging courses: They are courses bridging elementary and junior high schools and bridging junior high and middle schools. Students can learn the courses through cell phones and tablet computers. The platform can realize intelligent test paper composition and correction.

⟂ Phoenix classroom interactive system: The system combines content resources, software tools and big data to realize multi-screen interaction of classroom teaching, enabling real-time feedback on students’ learning effects and satisfying education modes such as flipped classroom and ubiquitous learning.

⟃ Phoenix easy learning online assignment system: The system can recommend personalized learning resources for students and customize special courses according to school needs.

⟄ Phoenix enjoy reading: 10,000 excellent e-books helps the enterprise cultivate knowledgeable employees, builds a learning unit, and carries out national reading activities.

⟅ Phoenix elementary and secondary school library: It is a one-stop digital content resource service dedicated to serving elementary and secondary school teaching. Using knowledge link technology, it integrates digital books, digital journals, audio and video resources, providing teachers and students with a comprehensive all-media service.

Figure 5.

Some of Phoenix Media’s digital products.

(3) Digitization of infrastructure

Using digital technology, Phoenix Media has established a large data processing center to support the company’s development and develop various cloud service products. Moreover, it also uses this data center to provide services to enterprises and public institutions, creating revenue while improving the corporate image. In terms of printing, Phoenix Media has adopted digital printing, which has greatly improved the productivity of its products. In addition, for book distribution, Phoenix Media has established a modern, digital logistics and distribution center, thus maximizing benefits.

After undergoing digital transformation, Phoenix Media is no longer limited to traditional publishing and distribution businesses. It integrates traditional media with new media, complementing each other in both traditional and digital sectors, and has achieved positive market response in industries such as film, television, and gaming. Compared to traditional media, Phoenix Media’s profit model has undergone tremendous changes and has also achieved digitization in content creation and dissemination, thereby realizing the development of a digital industrial chain.

3.5 Issues and recommendations for digital transformation

Under the situation of intensified market competition and continuous development of digital technology, Phoenix Media has made some achievements in digital transformation after suffering from many difficulties and challenges; however, there are still some problems that need to be solved. The first problem is the weak digital content integration ability. There are much duplicate content in educational publishing, so the competitiveness in literature and life market is weak, and the target user group is relatively narrow. The second problem is insufficient talents. The majority of the existing staff are from traditional publishing background, so they do not have a deep understanding of digital products and are not experienced enough, which leads to the slow digitalization process of the company. The third problem is the poor ability of new media operation. In the background of the Internet, the promotion and sales on new media platforms become a priority; however, Phoenix Media is poor in new media operation on platforms, so it is not able to fully promote the characteristics and advantages of the company. Moreover, it is weak in user interaction, so it cannot know the needs of users in time to improve its work. Its operation of official Weibo account is also not good.

In response to the above problems, this paper makes the following recommendations.

(1) The company should strengthen the construction of digital content, further improve existing digital products, make full use of big data technology to conduct in-depth research on users’ preferences, and further clarify the target market and explore potential users on the basis of consolidating the existing users.

(2) The company should accelerate the introduction and training of digital talents [27] to cope with the problems and challenges encountered in the company’s digital transformation, focus on the establishment of corporate culture, improve the employees’ belongingness to the company, and establish a special fund for talents to attract talents from universities when available.

(3) The company should take full advantage of the new media platform [28], renovate and upgrade the existing new media platform, use digital technology to transform the company’s existing content into digital products, promote and sell the products through the new media platform, and push high-quality, personalized content to target users using digital technology to achieve accurate marketing.

4. Conclusion

This paper mainly studied the digital transformation of traditional media companies in the context of the Internet. Taking Phoenix Media as an example, PEST and SWOT analyses were performed to analyze the characteristics of its digital transformation to understand various problems and characteristics of its transformation. Moreover, the current digital transformation path of Phoenix Media was introduced. The problems of Phoenix Media existing in the process of digital transformation were pointed out, and some suggestions were given to provide some references for Phoenix Media’s further development in digital transformation. The case study was carried out based on PEST and SWOT analyses, which helps to better understand the challenges and opportunities faced by traditional media companies in digital transformation. By using Phoenix Media as a reference, it provides insights for the transformation of other companies. However, there are limitations in this research, such as its focus solely on the domestic environment and lack of studies on traditional media companies worldwide. Additionally, only one case was studied. In future work, more comparative analysis can be conducted on various traditional media companies to understand the similarities and differences in their paths towards digital transformation, thus promoting the development of the media industry more effectively.

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Study on the digital transformation path of traditional media companies in the context of the Internet

Abstract

Keywords

1. Introduction

2. Traditional media and digital transformation

2.1 Overview of the development of the media industry

3.1 Phoenix media

3.2 Political, economic, social and technological analysis of digital transformation

(1) Political environment

(2) Economic environment

Table 1 Changes in Jiangsu Province’s gross regional product and resident consumption level from 2017 to 2021 (source: Statistical Yearbook of Jiangsu Province)

(3) Social environment

(4) Technical environment

(1) Advantages

(2) Disadvantages

(3) Opportunity

(4) Threats

Table 2 Comparison of listed companies in the publishing industry in the first half of 2022 (source: https://www. 163.com/dy/article/HG3DDBPC0512DFEN.html)

(1) Digitalization of marketing methods

(2) Digitalization of product development

(3) Digitization of infrastructure

4. Conclusion

References

Table 1
Changes in Jiangsu Province’s gross regional product and resident consumption level from 2017 to 2021 (source: Statistical Yearbook of Jiangsu Province)

Table 2
Comparison of listed companies in the publishing industry in the first half of 2022 (source: https://www. 163.com/dy/article/HG3DDBPC0512DFEN.html)